METHODOLOGICAL NOTE W o r l d I n v e s t m e n t R e p o r t

Transcription

1 METHODOLOGICAL NOTE W o r l d I n v e s t m e n t R e p o r t

2 TABLE OF CONTENTS A. General definitions Multinational enterprises Foreign direct investment Non equity forms of investment Methodological changes on FDI...04 B. Availability, limitations and estimates of FDI data presented in WIR FDI flows FDI stock C. Sources and Methodology of Data on FDI for each country...08 D. Data revisions and updates...84 E. Data verification F. Definitions and sources of other data Ratios Cross-border M&As Announced greenfield FDI projects...88 Notes...88 Methodological Note 2

3 A. GENERAL DEFINITIONS 1. Multinational enterprises Multinational enterprises (MNEs) are incorporated or unincorporated enterprises comprising parent enterprises and their foreign affiliates. A parent enterprise is defined as an enterprise that controls assets of other entities in countries other than its home country, usually by owning a certain equity capital stake. An equity capital stake of 10 per cent or more of the ordinary shares or voting power for an incorporated enterprise, or its equivalent for an unincorporated enterprise, is normally considered as the threshold for the control of asset. 1 A foreign affiliate is an incorporated or unincorporated enterprise in which an investor, who is a resident in another economy, owns a stake that permits a lasting interest in the management of that enterprise (an equity stake of 10 per cent for an incorporated enterprise, or its equivalent for an unincorporated enterprise). In WIR, subsidiary enterprises, associate enterprises and branches defined below are all referred to as foreign affiliates or affiliates. A subsidiary is an incorporated enterprise in the host country in which another entity directly owns more than a half of the shareholder's voting power, and has the right to appoint or remove a majority of the members of the administrative, management or supervisory body. An associate is an incorporated enterprise in the host country in which an investor owns a total of at least 10 per cent, but not more than half, of the shareholders voting power. A branch is a wholly or jointly owned unincorporated enterprise in the host country which is one of the following: (i) a permanent establishment or office of the foreign investor; (ii) an unincorporated partnership or joint venture between the foreign direct investor and one or more third parties; (iii) land, structures (except structures owned by government entities), and /or immovable equipment and objects directly owned by a foreign resident; or (iv) mobile equipment (such as ships, aircraft, gas or oil drilling rigs) operating within a country, other than that of the foreign investor, for at least one year. 2. Foreign direct investment Foreign direct investment (FDI) is defined as an investment involving a long term relationship and reflecting a lasting interest and control by a resident entity in one economy (foreign direct investor or parent enterprise) in an enterprise resident in an economy other than that of the foreign direct investor (FDI enterprise or affiliate enterprise or foreign affiliate). 2 FDI implies that the investor exerts a significant degree of influence on the management of the enterprise resident in the other economy. Such investment involves both the initial transaction between the two entities and all subsequent transactions between them and among foreign affiliates, both incorporated and unincorporated. FDI may be undertaken by individuals as well as business entities. Flows of FDI comprise capital provided (either directly or through other related enterprises) by a foreign direct investor to an FDI enterprise, or capital received from an FDI enterprise by a foreign direct investor. FDI has three components: equity capital, reinvested earnings and intracompany loans. Methodological Note 3

4 Equity capital is the foreign direct investor s purchase of shares of an enterprise in a country other than its own. Reinvested earnings comprise the direct investor s share (in proportion to direct equity participation) of earnings not distributed as dividends by affiliates, or earnings not remitted to the direct investor. Such retained profits by affiliates are reinvested. Intracompany loans or intracompany debt transactions refer to short or long term borrowing and lending of funds between direct investors (parent enterprises) and affiliate enterprises. FDI stock is the value of the share of their capital and reserves (including retained profits) attributable to the parent enterprise, plus the net indebtedness of affiliates to the parent enterprise. FDI flow and stock data used in WIR are not always defined as above, because these definitions are often not applicable to disaggregated FDI data. For example, in analysing geographical and industrial trends and patterns of FDI, data based on approvals of FDI may also be used because they allow a disaggregation at the country or industry level. Such cases are denoted accordingly. 3. Non equity forms of investment Foreign direct investors may also obtain an effective voice in the management of another business entity through means other than acquiring an equity stake. These are non equity forms of investment, and they include, inter alia, subcontracting, management contracts, turnkey arrangements, franchising, licensing and product-sharing. Data on these forms of multinational corporate activity are usually not separately identified in the balanceof-payments statistics. These statistics, however, usually present data on royalties and licensing fees, defined as receipts and payments of residents and non-residents for: (i) the authorized use of intangible non produced, non financial assets and proprietary rights such as trademarks, copyrights, patents, processes, techniques, designs, manufacturing rights, franchises, etc., and (ii) the use, through licensing agreements, of produced originals or prototypes, such as manuscripts, films, etc Methodological changes on FDI in BPM6 and BD4 In 2014, many countries adopted the new guidelines for the compilation of FDI data as part of balance of payments and international investment position statistics based on the sixth edition of IMF's Balance of Payments and International Investment Position Manual (BPM6) and the fourth edition of OECD's Benchmark Definition of Foreign Direct Investment (BD4). There are three major changes introduced in BPM6 and BD4 that have the most significant impact on the presentation and interpretation of FDI statistics. 1. Presentation of FDI statistics on an asset/liability basis instead of the directional principle that had been recommended by the previous editions of these international guidelines. On an asset/liability basis, direct investment statistics are organized according to whether the investment relates to an asset or a liability for the reporting country (for example, a country's assets include not only equity investments by MNEs resident in that country in their foreign affiliates abroad, but also loans made by the resident affiliates to their foreign parents abroad). As a result the asset/liability presentation does not show the direction of influence while the directional presentation does. Methodological Note 4

5 Under the directional principle, the direct investment flows and positions are organized according to the direction of the investment for the reporting economy either inward or outward (i.e. all flows and positions of MNEs in an economy are shown under outward investment and all flows and positions for foreign affiliates resident in that economy are shown under inward investment). The two presentations differ in their treatment of reverse investment (reverse investment is when an affiliate provides loans or acquires less than 10 per cent equity in its parents). Under the directional presentation, reverse investment is subtracted to derive the total outward or inward investment of the reporting economy. Therefore, FDI statistics on an asset/liability basis tends to be higher than those under the directional principle, but such is not always the case. While the presentation on an asset/liability basis is appropriate for macroeconomic analysis (i.e. the impact on the balance of payments), the directional principle is more appropriate for analyzing FDI in the context of parent-affiliate relationship. These data will better assist policymakers and government officials to formulate investment policies. This is because this presentation captures the direction and degree of influence, and is useful for identifying the source or destination countries of direct investment in a particular reporting country or for assessing the access to specific markets by direct investors in that country. The absence of information on FDI on the directional basis may even hamper policymakers from making appropriate decisions and formulating investment policies for development. 2. Separately compiling FDI statistics for resident special purpose entities (SPE). 4 BD4 recommends that countries compile their FDI statistics including and excluding resident SPEs. This recommendation provides a more meaningful measure of FDI of an economy by removing FDI that involves funds passing through an SPE on their way to other destinations (outward FDI) and those coming to the country through other economy s SPE (inward FDI). 3. Flows and positions between fellow enterprises. 5 Transactions and positions between fellow enterprises are part of FDI statistics as they are likely to be influenced by their common direct investors. BD4 recommends that recording flows and positions in a reporting country depends on the residency of the ultimate controlling parent. 6 FDI data in this report are based on the directional principle, unless otherwise indicated. Methodological Note 5

6 B. AVAILABILITY, LIMITATIONS AND ESTIMATES OF FDI DATA PRESENTED IN WIR FDI data have a number of limitations. This section therefore spells out how UNCTAD collects and reports such data. These limitations need to be kept in mind also when dealing with the size of MNE activities and their impact. 1. FDI flows FDI are on a net basis (capital transactions credits less debits between direct investors and their foreign affiliates), or net acquisitions of assets (outward FDI) and net incurrence of liabilities (inward FDI). Thus, decreases of net acquisitions of assets in the case of outward FDI or decreases of net incurrence in liabilities in the case of inward FDI are recorded as negative FDI. Hence, FDI flows with a negative sign in WIR indicate that FDI is in such cases. In this case, at least one of the three components of FDI (equity capital, reinvested earnings or intracompany loans) is negative and is not offset by positive amounts of the other components. These are instances of reverse investment or disinvestment. UNCTAD regularly collects published and unpublished national official FDI data flows directly from central banks, statistical offices or national authorities on an aggregated and disaggregated basis for its FDI/MNE database ( These data constitute the main source for the reported data on FDI. These data are further complemented by data obtained from: (i) other international organizations such as the International Monetary Fund (IMF), the World Bank and the Organisation for Economic Co-operation and Development (OECD); (ii) regional organizations such as the ASEAN Secretariat, European Bank for Reconstruction and Development (EBRD), Banque Centrale des Etats de l'afrique de l'ouest, Banque des Etats de l'afrique Centrale and Eastern Caribbean Central Bank; and (iii) UNCTAD s own estimates. For those economies for which data were not available from national official sources, or for those for which data were not available for the entire period of covered in the World Investment Report 2017 (WIR17), data from the IMF were obtained using the IMF's Balance of Payments and International Investment Position Statistics (BOP/IIP), May If the data were not available from the above IMF data source, data from the IMF's World Economic Outlook, April 2017 or Country Report, under Article IV of the IMF's Articles of Agreements, were also used. Data from the EBRD were utilized for those economies in the Commonwealth of Independent States for which data were not available from one of the above-mentioned sources. Methodological Note 6

7 Furthermore, data on the FDI outflows of the OECD, as presented in its publication, Geographical Distribution of Financial Flows to Developing Countries, and as obtained from its online databank, were used as a proxy for FDI inflows. As these OECD data are based on FDI outflows to developing economies from the member countries of the Development Assistance Committee (DAC) of OECD, 7 inflows of FDI to developing economies may be underestimated. Finally, in those economies for which data were not available from either of the abovementioned sources, or only partial data (quarterly or monthly) were available, estimates were made by: a. annualizing the data, if they are only partially available (monthly or quarterly) from either the national official source or the IMF; b. using the mirror data of FDI of major economies from UNCTAD's FDI/MNE database as proxy; c. using national and secondary information sources; d. using data on cross-border mergers and acquisitions (M&As) and their growth rates; and e. using specific factors. Longer time-series data are available on the WIR home page, or the FDI statistics home page, 2. FDI stock Data on FDI stock are presented at book value or historical cost, reflecting prices at the time when the investment was made. As in the case of flow data, UNCTAD regularly collects published and unpublished national official FDI stock data directly from central banks, statistical offices or national authorities on an aggregated and disaggregated basis for its FDI/MNE database ( fdistatistics). These data constitute the main source for the reported data on FDI. These data are further complemented by data obtained from (i) other international organizations such as the IMF; (ii) regional organizations such as the ASEAN Secretariat; and (iii) UNCTAD s own estimates. For those economies for which data were not available from official national sources, or for those for which data were not available for the entire period of covered in the WIR17, data from the IMF were obtained using the IMF's Balance of Payments and International Investment Position Statistics (BOP/IIP), May Finally, for those economies for which data were not available from either of the above-mentioned sources, estimates were made by either adding up FDI flows over a period of time, or adding or subtracting flows to an FDI stock that had been obtained for a particular year from official national sources, or the IMF data series on assets and liabilities of direct investment. Longer time-series data are available on the WIR home page, or the FDI statistics home page, Methodological Note 7

8 C. SOURCES AND METHODOLOGY OF DATA ON FDI FOR EACH COUNTRY The following section provides details on sources and methodology of data on FDI, as well as the estimation methods of these data, for each of the economies used in the Report or contained in the UNCTAD FDI/MNE database Afghanistan Da Afghanistan Bank OECD, DAC for 1980, 1982, 1987, , and , estimates for 1995, the national institution mentioned above for Data prior to 2008 are estimated by accumulating inflows since Data from 2008 are from the national institution mentioned above. Data from 2009 are from the national institution mentioned above. Albania Bank of Albania Surveys. Flows Data prior to 2000 are estimated by accumulating inflows since Data for are from the national institution. The national institution. Inward flows and stock from 2001 Outward flows and stock from 2004 Methodological Note 8

9 Algeria Banque d'algérie Flows Stock Data up to 2013 are estimated by accumulating flows since Data thereafter are from the national institution mentioned above. Angola Banco Nacional de Angola OECD, DAC for and the national institution mentioned above for IMF for 1990, proxy for and the national institution mentioned above for Data up to 2000 are estimated by accumulating inflows since Data from 2000 to 2015 are from the national institution mentioned above data is estimated by adding flows to the 2015 stock. Data up to 2000 are estimated by accumulating outflows since Data from 2000 to 2015 are from the national institution mentioned above data is estimated by adding flows to the 2015 stock. Only inflows from Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines Eastern Caribbean Central Bank (ECCB) Surveys, administrative sources and interviews with some of the foreign direct investment enterprises. Current price. Anguilla: Antigua and Barbuda: IMF for and the national institution thereafter. Dominica: OECD, DAC for 1981, IMF for and the national institution thereafter. Grenada: IMF for and the national institution thereafter. Montserrat: IMF for and the national institution thereafter. Methodological Note 9

10 Saint Kitts and Nevis: IMF for and the national institution thereafter. Saint Lucia: IMF for and the national institution thereafter. Saint Vincent and the Grenadines: IMF for and the national institution thereafter. Anguilla: Estimated by accumulating inflows since Antigua and Barbuda: Estimated by accumulating inflows since Dominica: Estimated by accumulating inflows since Grenada: Estimated by accumulating inflows since Montserrat: Estimated by accumulating inflows since Saint Kitts and Nevis: Estimated by accumulating inflows since Saint Lucia: Estimated by accumulating inflows since Saint Vincent and the Grenadines: Estimated by accumulating inflows since Outward flows and stock Anguilla: Only inflows from Antigua and Barbuda: Only inflows from Dominica: Only inflows from Grenada: Only inflows from Montserrat: Only inflows for and Saint Kitts and Nevis: Only inflows from Saint Lucia: Only inflows from Saint Vincent and the Grenadines: Only inflows from Argentina Ministerio de Economía de la Nación, Instituto Nacional de Estadística y Censos, Dirección Nacional de Cuentas Internacionales. IMF for and the national institution mentioned above thereafter. IMF for , proxy for and the national institution thereafter. Stock Data prior to 1991 are estimated by subtracting flows from the stock of Data from 1991 are from the national institution. Flows from from Not available for outward stock. Armenia National Statistical Service The national institution mentioned. Methodological Note 10

11 Proxy for 1997 and Data for 1998 and are based on the national institution. Data prior to 1997 are estimated by subtracting inflows from the stock of Data from 1997 are from the national institution. The national institution. from from from from Aruba Centrale Bank van Aruba Proxy for based on investments reported by the Netherlands, OECD, DAC for 1989 and the national institution mentioned above thereafter. Proxy for and the national institution thereafter. Data prior to 1998 are estimated by accumulating inflows since Since 1998 data are from the national institution. Data prior to 1998 are estimated by subtracting outflows from the stock of Since 1998 data are based on the national institution. from Australia Australian Bureau of Statistics. Surveys. Current price. Stock for are on a fiscal year basis (as at June). All. Austria Austrian National Bank. Methodological Note 11

12 Surveys. The Austrian National Bank publishes FDI data statistics including and excluding SPEs. Data in the Report exclude SPEs. Flows from Stock from Azerbaijan Central Bank of Azerbaijan. EBRD for 1993 and the national institution mentioned above thereafter. Proxy based on investments reported by Germany for 1996, IMF for 1997 and the national institution thereafter. The national institution. Data prior to 2000 are estimated by accumulating outflows from Data from 2000 are from the national institution. Bahamas Central Bank of the Bahamas International Transaction Reporting System (ITRS). Current Price. IMF for and the national institution mentioned above thereafter. Reinvested earnings are currently included under Other Capital. After 1997, data were revised to include loans and repayments of loans between direct investors and their direct investment enterprises. Proxy for and the national institution thereafter. Estimated by accumulating inflows since Estimated by accumulating outflows since Methodological Note 12

13 Bahrain Central Bank of Bahrain Surveys. For the first time in 2004, after technical cooperation was given by the Economic and Social Commission for Western Asia (ESCWA) and UNCTAD, a survey on inward FDI was undertaken. Stock data from this survey were used. IMF for 1980 and , OECD, DAC for 1981, and the national institution mentioned above for Flows cover only the financial sector. Proxy for 1982, and the national institution thereafter. Stock Data prior to 1989 are estimated by subtracting flows from the stock of data are based on the IMF data are from the national institution. Bangladesh Bangladesh Bank. Surveys. Book value. OECD, DAC for and 1985, IMF for and and the national institution mentioned above for The national institution. Stock Data prior to 1997 are estimated by subtracting flows from the stock of Data from 1997 are from the national institution. Inward flows from from Outward flows and stock from Barbados Central Bank of Barbados Surveys. Book value. Methodological Note 13

14 Flows and Stock Flows from Stock from Belarus National Bank of the Republic of Belarus (NNB). Surveys and Bilateral sources. are further complemented by data from the NBB s Banking Supervision department report. Book value. Proxy for and the national institution thereafter. Stock Data prior to 1996 are estimated by subtracting flows from the stock of From 1996 data are from the national institution. from from from from Belgium National Bank of Belgium Surveys. Current price. All. Belize Central Bank of Belize FDI principle used: Data from 2000 are on an asset/liability basis. OECD, DAC for 1981 and the national institution mentioned above for Methodological Note 14

15 The national institution. Data prior to 2000 are estimated by accumulating inflows since Data from 2000 are from the national institution. Data prior to 2000 are estimated by accumulating outflows since Data from 2000 are from the national institution. for , and from Benin, Burkina Faso, Côte d Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo Banque Centrale de l Afrique de l Ouest (BCEAO). Benin: IMF for and , OECD, DAC for National institution mentioned above for Burkina Faso: IMF for , OECD, DAC National institution mentioned above for Côte d Ivoire: IMF for and the national institution thereafter. Guinea-Bissau: OECD, DAC for and , the World Bank for 1993 and the national institution for Mali: IMF for and 1998, the national institution for and Niger: IMF for and the national institution thereafter. Senegal: IMF for and the national institution thereafter. Togo: IMF for and the national institution thereafter. Benin: IMF and , proxy for , the national institution for Burkina Faso: IMF , proxy for , estimate for , and the national institution for Côte d Ivoire: Proxy for , and , IMF for 1996, the national institution for 1999 and Guinea-Bissau: Proxy based on investments reported by France for 1996, the national institution for Mali: Proxy for , IMF for and the national institution thereafter. Niger: IMF for and the national institution thereafter. Senegal: IMF for and the national institution thereafter. Togo: IMF for and the national institution thereafter. Benin: Data prior to 1996 are estimated by subtracting inflows from the stock of data are based on the IMF data are from the national institution. Burkina Faso: Data prior to 1999 are estimated by accumulating inflows since Data are from the national institution thereafter. Côte d Ivoire: Data prior to 1998 are estimated by accumulating inflows since data are based on the IMF. Data from 1999 are from the national institution. Methodological Note 15

16 Guinea-Bissau: Prior to 2000 estimated by accumulating inflows since Data are from the national institution thereafter. Mali: Data prior to 1997 are estimated by subtracting inflows from the 1997 stock are based on the IMF data are from the national institution. Niger: Data prior to 1999 are estimated by accumulating inflows since Data are from the national institution thereafter. Senegal: Data prior to 1999 are estimated by accumulating inflows since Data are from the national institution thereafter. Togo: Prior to 1999 estimated by accumulating inflows since Data are from the national institution thereafter. Benin: Data prior to 1998 are estimated by accumulating outflows since Data from 1998 are from the national institution. Burkina Faso: Data prior to 1999 are estimated by accumulating outflows since Data are from the national institution thereafter. Côte d Ivoire: Data prior to 1999 are estimated by accumulating outflows since Data are from the national institution thereafter. Guinea-Bissau: Data are from the national institution. Mali: Data prior to 1999 are estimated by accumulating outflows since Data are from the national source thereafter. Niger: Data prior to 1999 are estimated by accumulating outflows since Data are from the national source thereafter. Senegal: Data prior to 2000 are estimated by accumulating outflows since Data are from the national institution thereafter. Togo: Data prior to 1999 are estimated by accumulating outflows since Data are from the national institution thereafter. Benin: from from from from Burkina Faso: for and from and from Stock from Côte d Ivoire: from from from from Guinea-Bissau: from for and from for 2006, 2008 and from Mali: from for 2001 and Stock from Methodological Note 16

17 Niger: for 1980, and from for and from Stock from Senegal: from for 1982 and from Stock from Togo: from from Stock from Bermuda Bermuda Government Department of Statistics ITRS. Current prices. FDI principle used: Data from 2010 are on an asset/liability basis. Flows 2016 is estimated by annualizing the first three quarters. Data prior to 2007 are estimated by accumulating flows since Data from 2007 are based on the national institution is estimated by adding flows to the 2015 stock. Data prior to 2005 are estimated by accumulating flows since Data from 2005 are based on the national institution is estimated by adding flows to the 2015 stock. From Bhutan Royal Monetary Authority of Bhutan OECD, DAC for , , the national institution mentioned above for 1999 and Data from the national institution are on a fiscal year basis. Outward FDI Methodological Note 17

18 Data prior to 2006 are estimated by accumulating inflows since Data from 2006 are from the national institution. Inward FDI from Plurinational State of Bolivia Banco Central de Bolivia Surveys and central bank s estimates. Since 2000, data on inflows are net values because the FDI survey has started the collection of information on disinvestment (capital withdrawal, equity sale to local investors and amortisation of intra company loans). Book value. Flows and Data prior to 1997 are estimated by subtracting outflows from the stock of Data from 1997 are from the national institution. from from for 2013 Bosnia and Herzegovina Central Bank of Bosnia and Herzegovina Flows Inward Stock Data prior to 2000 are estimated by subtracting flows from the 2000 stock. Data from are from the national institution mentioned above is estimated by adding flows to the 2015 stock. Outward Stock Data prior to 2000 are estimated by subtracting flows from the 2000 stock. Data for are from the national institution mentioned above is estimated by adding flows to the 2015 stock. from from from from Botswana Bank of Botswana Methodological Note 18

19 Flows FDI stock Data prior to 1990 are estimated by subtracting flows from the stock of Data from 1990 are from the national institution. for and from from from from Brazil Banco do Brasil Flows and Inward Stock Data prior to 1998 are estimated by subtracting outflows from the stock of Data from 1998 are from the national institution. Flows from from1992. from British Virgin Islands OECD for 1980, , OECD and investment reported by Hong Kong (China) for , proxy for and estimate for Proxy for and estimate for Data are estimated by accumulating outflows since Data are estimated by accumulating outflows since Brunei Darussalam Department of Economic Planning and Development, Prime Minister s Office OECD, DAC for 1980, and 1994, estimate for 1981, proxy for , ASEAN for Data from 1997 are from the national institution mentioned above. Methodological Note 19

20 Proxy for and estimate for Data prior to 1999 are estimated by accumulating inflows since data are estimated by subtracting flows from the 2009 stock. Data from 2009 are from the national institution. Data are estimated by accumulating outflows since from from Bulgaria Bulgarian National Bank Data are partially based on direct reporting. Proxy for and the national institution thereafter. FDI stock Data prior to 1998 are estimated by subtracting flows from the stock of 1998 and from the national institution thereafter. from from Stock from Burundi Bank of the Republic of Burundi OECD, DAC for , IMF for and and the national institution mentioned above thereafter. Proxy based on investments reported by Belgium and Luxembourg for , IMF for , , 1999 and 2001 and the national institution thereafter. Data prior to 2006 are estimated by accumulating inflows since Data are based on the national institution for From 2014 stock are estimated by adding flows to the 2013 stock. Data prior to 2006 are estimated by accumulating outflows since Data are based on the national institution for From 2014 stock are estimated by adding flows to the 2013 stock. Methodological Note 20

21 Cambodia National Bank of Cambodia OECD, DAC 1980 and the national institution mentioned above from The national institution. Data prior to 1994 are estimated by subtracting inflows from the stock of Data from 1994 are from the national institution. Data prior to 1997 are estimated by subtracting outflows from the stock of Data from 1997 are from the national institution. for Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea and Gabon Banque Centrale des Etats de l Afrique Centrale (BEAC) Cameroon: IMF for and estimates for 2016 by annualizing the first three quarters. Data for are calculated based on asset/liability data. Central African Republic: IMF for , the national institution for and IMF Art. IV: IMF Country Report No.16/269 for Chad: IMF on the basis of net direct investment for , IMF for and and , World Bank for 1990 and , the national institution for , estimates for , IMF Art. IV: IMF Country Report No. 14/100 for and IMF Art. IV: IMF Country Report No.16/ Congo: The national institution for and , OECD, DAC for 1994 and IMF Art. IV: IMF Country Report No.15/280 for 2015 and Equatorial Guinea: OECD, DAC for and the national institution data are based on IMF Art. IV: IMF Country Report No.15/260. Gabon: IMF for and , the national institution for and and IMF Art. IV: IMF Country Report No. 16/86 March 2016 for Cameroon: IMF for and estimates for 2016 by annualizing the first three quarters. Central African Republic: IMF for and the national institution thereafter. Chad: IMF for , and , proxy based on investments reported by Belgium and Luxembourg for 1990 and the national institution for Congo: Proxy for and , IMF for and estimate for Equatorial Guinea: IMF for and the national institution Methodological Note 21

22 Gabon: IMF for and 2005, proxy for 1994 and , the national institution for , and estimate for Cameroon: Estimated by accumulating inflows since Central African Republic: Prior to 2000 data are estimated by accumulating inflows since Data are from the national institution thereafter data is estimated by adding flows to the stock of Chad: Estimated by accumulating inflows since Congo: Estimated by accumulating inflows since Equatorial Guinea: Estimated by accumulating inflows since Gabon: Estimated by accumulating inflows since Cameroon: Estimated by accumulating outflows since Central African Republic: Data prior to 2000 are estimated by accumulating outflows since Data are from the national institution thereafter data is estimated by adding flows to the stock of Chad: Estimated by accumulating outflows since Congo: Estimated by accumulating outflows since Equatorial Guinea: Estimated by accumulating outflows since Gabon: Estimated by accumulating outflows since Cameroon: from from Central African Republic: for 1982, 1984, for Chad: for Congo: for and Equatorial Guinea: for Gabon: for for and Cabo Verde Banco de Cabo Verde The IMF for and the national institution thereafter. IMF for and the national institution thereafter. Prior to 2004, data are estimated by accumulating inflows since From 2004, data are from the national institution. Methodological Note 22

23 The national institution. from for from from Canada Statistics Canada Data is on a market value basis from the year 2000 onwards and on a book value basis prior to that. from from Stock from Cayman Islands OECD for , proxy for and estimate for Proxy for and estimate for Data are estimated by accumulating outflows since Data are estimated by accumulating outflows since Chile Banco Central de Chile Flows Data prior to 1997 are estimated by subtracting inflows from the stock of 1997 and the national institution thereafter. Data prior to 1997 are estimated by accumulating outflows since 1977 and the national institution thereafter. from Methodological Note 23

24 China from Stock from Data from the Ministry of Commerce (MOFCOM) are used for inflows. These data are reported on a gross basis (or do not take into account debits of inward transactions). Data on outflows from 2003 and onward were obtained from the same ministry. Prior to 2003, outflow data were obtained from the State Administration of Foreign Exchange (SAFE). Data from MOFCOM are used for stock. Administrative sources. IMF for 1980, World Bank for 1981 and MOFCOM thereafter. State Administration of Foreign Exchange (SAFE) prior to 2003 and MOFCOM thereafter. Data prior to 1994 are estimated by accumulating inflows since data are based on MOFCOM data are estimated by adding flows to the 2008 stock. Data prior to 2003 are estimated by accumulating outflows since are based on MOFCOM data is estimated by adding flows to the 2015 stock. for for Colombia Banco de la Republica de Colombia from from from from Comoros Banque Centrale des Comores OECD, DAC for 1982, , IMF for , IMF Art. IV: IMF Country Report No. 04 /77, for 1998, the national institution mentioned for and IMF Art. IV: IMF Country Report No.16/393 for Estimated by accumulating inflows since Methodological Note 24

25 Outward flows and stock Congo, Democratic Republic of the Bank of Congo OECD, DAC for and the national institution mentioned above thereafter. Proxy for 1993 and and the national institution thereafter. Prior to 2000, data are estimated by accumulating inflows since From 2000, data are from the national institution. Prior to 2000, data are estimated by accumulating inflows since From 2000, data are from the national institution. Cook Islands Proxy for and estimate for Proxy for and estimate for Estimated by accumulating inflows since Estimated by accumulating inflows since Costa Rica Banco Central de Costa Rica Flows Data prior to 1995 are estimated by accumulating inflows since is estimated by subtracting inflows from the stock of data are from the national institution. Data prior to 1996 are estimated by accumulating outflows since data are from the national institution. Methodological Note 25

26 from for and from from from Croatia Croatian National Bank Flows from Stock for from Curaçao Centrale Bank van Curaçao en Sint Maarten Flows 2016 data are estimated by annualizing the first three quarters. Data up to 2014 are from the national institution. Data after 2014 are estimated by adding flows to the 2014 stock Flows from Cyprus Central Bank of Cyprus Surveys. As from 2008, there is a break in the series due to: the introduction of BPM6 (data up to 2007 are reported based on BPM5). Special Purpose Entities are treated as residents while previously treated as nonresidents. Flows Data from 2008 exclude FDI in Special Purpose Entities. Data prior to 2000 are estimated by subtracting inflows from the stock of Data from 2000 are from the national institution. Data from 2008 exclude FDI in Special Purpose Entities Data prior to 2000 are estimated by accumulating outflows since Data from 2000 are the national institution. Data from 2008 exclude FDI in Special Purpose Entities Methodological Note 26

27 for and from from Stock from Czech Republic Czech National Bank Surveys. Market price for flows. Book value for stock. Estimate for 1992 and the national institution thereafter. Stock Data prior to 1992 are estimated by subtracting flows from the stock of Data after 1992 are from the national institution. Flows from Stock from Denmark National Bank of Denmark Data obtained from the National Bank of Denmark exclude investment by and from SPEs (pass through investment) since Flows IMF for and the national institution mentioned above thereafter. Stock The national institution data are estimated by adding flows to the 2015 stock. Flows from Stock from Djibouti Banque Centrale de Djibouti OECD, DAC for and , and the national institution mentioned above thereafter. Methodological Note 27

28 Data prior to 1997 are estimated by subtracting inflows from the stock of data are from the national institution. Data for 2016 is estimated by adding flows to the 2015 stock. Outward FDI Dominican Republic Banco Central de la Republica Dominicana FDI principle used: Data for outward FDI are on an asset/liability basis. Proxy for , and and the national institution thereafter and data are from the national institution data are estimated by subtracting inflows from the stock of Data prior to 2009 are estimated by accumulating flows since Data from 2009 are from the national institution. from from Ecuador Banco Central del Ecuador IMF for and the national institution mentioned above thereafter. Proxy for and estimate for and data are from the national institution are estimated by adding inflows to the stock of data is estimated by adding inflows to the stock of Estimated by accumulating inflows since from for Methodological Note 28

29 Egypt Central Bank of Egypt Flows The petroleum sector is included in FDI inflows statistics as of the third quarter of Data prior to 1997 are estimated by accumulating inflows since Data are based on the national institution thereafter. Data prior to 1997 are estimated by accumulating outflows since Data are from the national institution thereafter. El Salvador Banco Central de Reserva de El Salvador IMF for and the national institution thereafter. The national institution , and data are from the national institution data are estimated by adding inflows to the stock of data is based on the IMF. Data prior to 1996 are estimated by subtracting outflows from the stock of data is based on the IMF data are from the national institution. for , and from Stock from Eritrea IMF for and estimates thereafter. Estimated by accumulating inflows since Outward FDI Methodological Note 29

30 Estonia Bank of Estonia Flows FDI stock Data prior to 1996 are estimated by subtracting flows from the stock of Data from 1996 are from the national institution. Flows from Stock from Ethiopia National Bank of Ethiopia OECD, DAC for , World Bank for , the national institution mentioned above for and , and the IMF for Data are estimated by accumulating inflows since Outward FDI Falkland Islands (Malvinas) OECD, DAC for 1989, 1991 and and proxy based on investment reported by Japan for Estimated by accumulating inflows since Outward FDI Fiji Reserve Bank of Fiji and the Fiji Islands Bureau of Statistics FDI principle used: Data from 2012 are on an asset/liability basis for flows. Data from 2015 are on an asset/liability basis for stocks. Methodological Note 30

31 Flows The national institutions mentioned above data are estimated by annualizing the first three quarters. The national institutions mentioned above data are estimated by adding flows to the 2015 stock. Data prior to 1998 are estimated by accumulating outflows since data are from the national institutions mentioned above data are estimated by adding flows to the 2015 stock. from from from from Finland Bank of Finland and Statistics Finland. Enterprise surveys. The Bank of Finland maintains the frame for the annual FDI surveys and the main data source for the frame is Structural Business Register of Statistics Finland. Flows are based on current price. Stock are based on book value. The national institutions mentioned above. Data for 2016 are estimated based on 2016 assets/liabilities data. All. France Banque de France Stock are reported on both book value and market value. From 2000 onwards data used in the report are at market value. Flows Data prior to 1989 are estimated by subtracting inflows from the stock of Data are from the national institution thereafter. Data prior to 1987 are estimated by subtracting outflows from the stock of Data are from the national institution thereafter. for and from for and from Methodological Note 31

32 from from French Guiana Proxy for and Stock French Polynesia Institut d émission d outre-mer (IEOM) OECD, DAC for 1981 and , proxy based on investments reported by the United States for , IMF for , the national institution for and estimate for Proxy based on investments reported by the United States for , IMF for , the national institution for and estimate for Estimated by accumulating inflows since Outward FDI Estimated by accumulating outflows since Gambia Central Bank of the Gambia OECD, DAC for 1980, , IMF for 1981 and , the national institution mentioned above thereafter is estimated by annualizing the first two quarters. The national institution is estimated by annualizing the first two quarters. Data prior to 1990 are estimated by subtracting inflows from the stock of data are from the national institution. Data for 2015 and 2016 are estimated by adding inflows to the stock of Flows from Methodological Note 32

33 Georgia National Bank of Georgia EBRD for and the national institution mentioned above thereafter. The national institution. Data prior to 1995 are estimated by subtracting flows from 1995 stock. Data are from the national institution thereafter. The national institution. from from from from Germany Deutsche Bundesbank FDI principle used: FDI flows from 2000 are on a directional basis calculated from asset/liability basis. FDI stock from 2013 are on extended directional principle and include real estate and construction work. Flows Stock The national institution data are estimated by adding flows to the 2015 stock. Flows. Ghana Bank of Ghana IMF for and the national institution mentioned above thereafter. Proxy for and , the national institution for Data prior to 2006 are estimated by accumulating inflows since 1970, the national institution for and and IMF for The national institution. Methodological Note 33

34 for for Gibraltar OECD, DAC for and estimates for Outward FDI Estimated by accumulating inflows since Greece Bank of Greece ITRS and surveys for flows. Surveys for stock. Data revisions as of 2003 include reinvested earnings. Current price for flows, Current price for data based on listed enterprises and book value for data based on non- listed enterprises for inward stock. Book value for data on outward stock. IMF for and the national institution mentioned above thereafter. Proxy for and the national institution thereafter. Data for and are from the national institution data are estimated by subtracting inflows from the stock of Data prior to 1997 are estimated by subtracting outflows from the stock of Data from 1997 are from the national institution. Flows from Stock from Guadeloupe Proxy based on investments reported by Belgium and Luxembourg for , 1997 and Methodological Note 34

35 Stock Guatemala Banco de Guatemala Data are compiled according to the Fifth Edition of the IMF Balance of Payment Manual since Proxy for , 1984, and and the national institution thereafter. Data prior to 1990 are estimated by subtracting inflows from the stock of Data from 1990 are from the national institution. Data prior to 1998 are estimated by subtracting flows from the 1998 stock. Data from 1998 are from the national institution. from from from Guinea Banque Centrale de la République de Guinée OECD, DAC for and , World Bank for 1982, the national institution mentioned above for and and IMF for is estimated by annualizing the first three quarters. Proxy for , , and , IMF for 1996 and , the national institution mentioned above for 2014 and estimate for Data prior to 2008 are estimated by accumulating inflows since data are from the IMF data are estimated by adding flows to the 2013 stock. Data prior to 2008 are estimated by subtracting outflows from the 2008 stock data are from the IMF data are estimated by adding flows to the 2013 stock. for 1999 and Methodological Note 35